Which of the following is an implicit cost of going to college?
A) Tuition
B) Cost of books and supplies
C) Room and board
D) Foregone wages

Question

Quizplus · Accepted Answer

An implicit cost refers to the opportunity cost of an action, such as the potential for wages that could have been earned but were not because of engaging in a particular activity. Going to college often means giving up potential earnings from a job, which is an example of foregone wages. Tuition, cost of books and supplies, and room and board are all explicit costs as they involve direct monetary expenditures.

Which of the Following Is an Implicit Cost of Going